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Sei Network, an L1 blockchain on Cosmos that focuses on infrastructure trading for DEXs, has announced a new partnership. As per the company, it has joined forces with Gitcoin (an Ethereum-based token enabling community governance), starting the initial round of its latest project Creator Fund on the 4th of June. The platform took to its official account on X to disclose the respective collaboration.
Gitcoin 🤝 SEI
— Gitcoin (@gitcoin) June 4, 2024
We’re excited to announce the first round of the @Sei_FND Creator Fund on June 4th! 🎉
A $250k matching pool will be allocated through @grantsstack by the Sei community to support projects building in the Sei ecosystem 🫡
Find all the details in the… pic.twitter.com/M9OjOYDHDG
Sei Network to Launch Its Sei Creator Fund on Gitcoin Grants Stack
In addition to this, Gitcoin shared a blog post on its official web portal. In the post, the platform disclosed that both entities are partnering to introduce the Sei Creator Fund. In this respect, they are initiating a matching pool of up to $250k worth on the 4th of this month. The platform also mentioned that they have opened the respective matching pool for new as well as seasoned contributors.
The project backs projects within the ecosystem of Sei. Sei Creator Fund operates as a $10M endeavor that pays considerable attention to supercharging the development and growth of Sei. For this purpose, it leverages the Gitcoin Grants Stack’s potential. The 1st round uses Quadratic Funding and provides a matching pool of $250,000 worth, backing projects across diverse exciting themes.
They take into account NFT tools and marketplaces, entities offering decentralized content, along with fan engagement and social platforms. Apart from that, they also include Web3 infrastructure and creative tools, collectives and creator DAOs, as well as Web3 education. In this respect, Sei is pursuing passionate projects demonstrating the Sei ecosystem’s contributions.
The Platform Looks for Projects Offering Technical Feasibility and Alignment with Its Values
Moreover, they also need to present community engagement as well as its impact. Furthermore, the platform is also looking for projects that offer a fine roadmap and technical feasibility. According to the company, the projects require aligning with the core values of Sei along with adequate budget and funding.
After the submission of the applications, they will reportedly go through an evaluation procedure. A Sei-led committee combined with Gitcoin will review the proposals. They will evaluate the projects based on the eligibility criteria and alignment with the objectives of the funding. The committee will also target onboarding more projects to back different endeavors under the Sei Creator Economy.